Gold prices fell by more than 3 million VND per tael in two days.
Global gold prices continued their sharpest decline since March 2008 last night, falling by $104 during trading in New York. Domestic gold prices also dropped sharply this morning to 45.5 million VND per tael.
At the start of the day, Saigon Jewelry Company in Ho Chi Minh City announced the selling price of SJC gold at 45.55 million VND/ounce. By 9:13 AM, the company raised the trading price to 45.35 - 45.75 million VND/ounce. The SJC price applied by the company to the Hanoi market was 45.35 - 45.77 million VND/ounce (buying - selling).
In the third news bulletin, updated at 8:50 AM, Sacombank announced the price of SBJ gold at 45.46 – 45.64 million VND/ounce. At 9:17 AM, the selling price of PNJ-DAB Phoenix gold bars from Phu Nhuan Jewelry Company was 45.35 million VND/ounce, and the buying price was 45.73 million VND/ounce. Compared to yesterday morning, domestic gold prices have decreased by another two million VND/ounce, and have fallen by more than three million VND/ounce over the past two days.
Gold prices have fallen by as much as 3 million VND per tael in just two days. (Image: illustration - Internet)
Last night, the global gold market witnessed the strongest sell-off since the beginning of 2008, as numerous investors and large funds rushed to sell gold to take profits after it surpassed $1,900/ounce for the first time in history. December gold futures closed down 5.6% at $1,757.30/ounce on the night of August 24th in New York (USA) – the largest drop since March 19th, 2008.
Thus, in just two trading sessions on the nights of August 23rd and 24th, the precious metal lost 7%, after having accumulated a 16% increase from August 5th to the present, and reaching a record high of $1,917.90/oz on the morning of August 23rd.
The first warning sign was that many investors had left the SPDR Gold Trust – the world's largest gold investment trust – causing the organization's gold reserves to evaporate by 25 tons in just one day.
On August 16th, in a report sent to clients, a team of experts at Wells Fargo & Co. (USA) stated that the increased demand for gold investment has caused the precious metals market to gradually form "a fragile bubble."
(According to Tien Phong newspaper)
